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Understanding S&P Global (China) Ratings General Considerations On Commentary: Understanding S&P Global (China) Ratings General Considerations on Rating Modifiers and Relative Ranking Methodology June 29, 2020 ANALYTICAL CONTACTS May Zhong (Editor’s note: This article supersedes the commentary “Understanding S&P Global (China) Ratings General Beijing [email protected] Considerations on Rating Modifiers and Relative Ranking Methodology” published June 19, 2019. It is being republished to provide readers with more details on our approach to applying General Considerations on our Ying Li, CFA, FRM Rating Modifiers and Relative Ranking Methodology.) Beijing [email protected] Kan Zhou Introduction Beijing [email protected] The S&P Global (China) Ratings General Considerations on Rating Modifiers and Relative Ranking Methodology is constructed to describe our approach to considering the impact of common rating Peter Eastham Beijing modifiers that may influence the ultimate issuer credit rating (ICR) or issue credit rating (issue [email protected] rating) that we may assign. We may also consider the analysis of relative ranking of different securities and the associated impact on any rating that we may assign. Fangchun Rong, CFA Beijing Where relevant, we may consider external factors, such as group relationships, government [email protected] support, counterparty financial support and guarantees, amongst others, and see how these factors may influence either an underlying view of creditworthiness or the ultimate rating that we may assign. When applicable, we would also consider the relative ranking of a given security and the implications of the ranking or nature of that security for any rating that we may assign. Examples where relative ranking may be applicable include areas such as senior secured debt, senior unsecured debt, subordinated debt, hybrid securities, tranched securitization structures, amongst others. S&P Global (China) Ratings www.spgchinaratings.cn June 29, 2020 Understanding S&P Global (China) Ratings General Considerations on Rating Modifiers and Relative Ranking Methodology June 29, 2020 Rating Modifiers Influence of a Group When assessing an entity’s credit quality, we usually consider its credit profile on a stand-alone basis. However, many issuers have complex entity structures and may have different relationships with their relevant groups. These relationships could be credit positive or negative. In most cases, the effect on credit quality is positive because the group normally has greater resources and therefore stronger credit quality. We typically consider the factors below when determining the impact of these relationships. − The credit quality of the group; − Any expectations of support from the group; − Any expectations of negative influence such as cross default or financial demands on the issuer. For more information on our approach to analyzing the influence of a group, please refer to our commentary “Understanding S&P Global (China) Ratings Approach To Support” published May 8, 2019. This commentary may also be republished from time to time. Influence of a Government When assessing an entity’s credit quality, we usually consider its credit profile on a stand-alone basis. Where relevant, we also consider its relationship with a government. When assessing a government’s credit quality, we may consider its relationship with the higher- level government and determine any impact on its rating. These relationships could be credit positive or negative. In most cases, the effect on credit quality is positive because the relevant government or higher-level government normally has greater resources and therefore stronger credit quality. We typically consider the factors below when determining the impact of these relationships. − The credit quality of the relevant government or higher-level government; − Nature of the expected support; − Nature of the expected intervention. For more information on our approach to analyzing the influence of a government, please refer to our commentary “Understanding S&P Global (China) Ratings Approach To Support” published May 8, 2019. This commentary may also be republished from time to time. Systemic Considerations Some issuers or issues may benefit from intangible support as a result of its deemed relative importance to maintaining ongoing operations, particularly where an entity plays an important role in terms of services, economy, and employment, etc. S&P Global (China) Ratings www.spgchinaratings.cn 2 Understanding S&P Global (China) Ratings General Considerations on Rating Modifiers and Relative Ranking Methodology June 29, 2020 There can be many varied factors that we may consider when assessing the systemic importance of an issuer, for instance: the relationship between its operations and social stability; whether it is a champion of a strategic or pillar industry; whether its default could cause economic instability; its employment size, amongst others. Support to systemically important issuers can manifest itself in different ways, such as preferential treatment; forcing mergers to consolidate industry leaders; tax cuts; or encouraging certain government-related entities or government bodies to provide support, etc. Such support may be ongoing or extraordinary, and may be reflected in SACP or ICR or both, as we deem appropriate. Counterparty Counterparties may be involved in cash management, bank accounts, derivatives, and providing liquidity support, amongst others. A counterparty's failure to perform its obligations may have implications for the performance of a security, notwithstanding the performance of the underlying assets backing the security. For structured finance transactions we typically consider the maximum achievable rating for a securitization based on the credit enhancement levels provided and also the credit quality and replacement provisions of any financial counterparty supporting the transaction, particularly where the notes are rated above the credit quality of any counterparty. Typically, a counterparty would be of high credit quality to take on certain counterparty risks in a transaction such as that of a bank account, or liquidity support, or a derivative. For example, we generally expect the minimum eligible counterparty’s credit quality (i.e., the level below which a counterparty typically commits to implementing remedies) to be equivalent to a high bbbspc level or above to be able to support an AAAspc rating on the securities. In addition, we typically review the terms and conditions of any counterparty support being provided, including the replacement provisions and replacement timeframes in the event the counterparty’s credit quality ceased to be eligible. Guarantees Some issuers or issues may source a guarantor to provide a guarantee for an obligation(s). We typically would review the terms and conditions of any guarantee provided and also consider the credit quality of the guarantor, and may adjust a rating as a result. When assessing whether a guarantee is a form of credit enhancement, we may consider the payment conditions associated with the guarantee, restrictions on the guarantor’s right to terminate the guarantee, and the stated beneficiaries of the guarantee (whether holders of the rated notes are the beneficiaries). If the obligor’s unguaranteed credit quality is superior to the guarantor’s, the rating will typically reflect the obligor’s credit quality. In cases of several guarantees where each guarantor only guarantees a proportional amount of the obligation, we typically refer to the lowest guarantor credit quality to rate the obligation, though not below that of our rating on the transaction if it were unenhanced by guarantees. S&P Global (China) Ratings www.spgchinaratings.cn 3 Understanding S&P Global (China) Ratings General Considerations on Rating Modifiers and Relative Ranking Methodology June 29, 2020 Relative Ranking ICR As A Foundation for Determining Issue Ratings ICR is our forward-looking opinion about an issuer’s overall credit worthiness. It focuses on the issuer’s capacity and willingness to meet its financial commitments as they come due. ICR does not specifically link to any specific financial obligation. It reflects the issuer’s all-in financial profile and is the starting point for assessing issue ratings. We usually consider the issue’s relative ranking when determining issue ratings. Typically, an ICR would coincide with our opinion of the creditworthiness of the senior unsecured debt of an issuer. However, in some instances, the rating on the senior unsecured debt can differ from the ICR. Subordinated Debt Subordinated debt, which has a relatively weaker position in an issuer’s capital structure, may be assigned a rating below the ICR, depending on the credit characteristics of the issuer and the terms of the issue. Typically, senior unsecured debt is rated at the same level as the ICR and subordinated debt is rated at least one notch below the ICR. However, if more than 50% of the issuer’s debt is secured, for example, we may treat any senior unsecured debt as subordinated and notch it down once from the ICR. We may use the same approach when senior unsecured debt is issued by a parent company that operates largely as a shell to operating subsidiaries. If those operating subsidiaries issue debt that is more than 50% of the entire group’s debt, for example, we may notch down the senior unsecured debt issued by the parent because we view it as structurally subordinated to the operating companies’ debt.
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